Home loan deposits

Most banks and lenders will require a minimum deposit of 5 percent of the value of the property you’re purchasing. There are many ways you can achieve this (lenders requirements may vary) including genuine savings, monetary gifts, inheritances and first home owner incentives.

If you don’t have the deposit required, you may also be able to make use of Family Guarantee also known as a limited guarantor loan. In general this is where a family member offers their existing property as security for a portion of the home loan, generally limited to 20 percent of the purchase price of the property.

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